Aya Gold & Silver Reports Record Q1-2025 Results, Strengthens Liquidity and Reaffirms Guidance
PRESS RELEASE
Aya Gold & Silver Reports Record Q1-2025 Results,
Strengthens Liquidity and Reaffirms Guidance
Montreal, Quebec, May 13, 2025 - Aya Gold & Silver Inc. (TSX: AYA; OTCQX: AYASF) (“Aya” or the
“Corporation”) today announced first quarter financial and operational results for the three-month period
ended March 31, 2025. All amounts are in US dollars, unless otherwise stated.
Q1-2025 Highlights
• Silver production of 1,068,652 ounces ("oz") in Q1-2025 compared to 366,362 oz in Q1 -2024, a
192% increase.
• Ore processed increased to 249,743 tonnes ("t"), reaching record throughput levels, compared with
81,331t in Q1-2024, a 207% increase.
• Mine production increased to 194,661t, achieving an average mining rate of 2,163 tonnes per day
("tpd"), compared with 106,880t in Q1-2024, an 82% increase.
• Record revenues of $33.8 million ("M"), up 566% year-over-year, with an average net realized silver
price of $31.87/oz.
• Operating cash flow of $7.9M, compared to a negative cash flow of $3.7M in Q1-2024.
• Cash cost per silver ounce sold decreased to $18.93/oz in Q1-2025 from $20.31/oz in Q1-2024.
• Net income of $6.9M, compared to a net loss of $2.6M in Q1-2024; diluted EPS of $0.05.
• Robust financial position with $ 37M in cash and restricted cash, compared to $49M as at
December 31, 2024.i
• Accounts receivable of $11.6M as at March 31, 2025 compared to $1.8M as at December 31, 2024.
Funds received in early Q2-2025 from sales that occurred in the last days of Q1-2025.
Ramp Up, Exploration and Development
• Successful ramp up of the new plant at the Zgounder Mine following the declaration of
commercial production on December 29, 2024.
• Drilling activity included 2,916 (diamond drill hole ("DDH")) meters ("m") at Zgounder and 1,059m at
Zgounder Regional.
• Boumadine drilling totaled 46,207m of combined DDH and reverse circulation ("RC") drilling.
• Updated mineral resource estimate for Boumadine in February 2025.
Environmental, Social and Governance ("ESG")
• Launched the 2024 data collection campaign with the aim of publishing Aya's 2024 sustainability
report in May 2025.
• Strengthened health and safety ("H&S") processes through preventative measures, with 100% of
incidents analyzed and 2,364 hours of training completed.
• Expanded tutoring programs at the high school in Talouine and the secondary school in Taouyalte.
• Began new community engagement inviting project proposals from local communities,
entrepreneurs and cooperatives, which was developed in partnership with National Institute for
Human Development.
Recent Developments
• Appointment of Mr. John Burzynski, a seasoned mine builder with deep technical expertise, to Aya's
Board of Directors.
• Completed strategic spinout of the Amizmiz gold project to Mx2 Mining Inc. on April 16, 2025.
• Received final approval for a $25M credit facility from EBRD, continuing the parities' long -standing
relationship, to support the development of Boumadine and to enhance financial flexibility as part
of Aya's growth strategy in Morocco.
"Aya delivered a standout quarter, achieving record silver production of over one million ounces, record
revenues of $33.8 million, and operating cash flow of nearly $8 million — all while reducing cash costs
and successfully ramping up operations inline with plans and only three months after commissioning
the plant,” said Benoit La Salle, President and CEO of Aya Gold & Silver. “Our open-pit ramp up continues
as planned, contributing to record plant throughput and supporting an increase in revenue and cash
flow year-over-year.
"Operationally, we continue to see steady improvements, with a clear path to higher throughput and
recovery rates aligned with long-term expectations. Backed by strong cash flow generation, improving
cost performance, growing production, and a solid liquid ity position, Aya is well -positioned to drive
sustainable growth, maximize profitability, and deliver strong returns to shareholders.
"Importantly, we ended the quarter with $36.6 million in cash and restricted cash, excluding $11.6
million from silver sales made in Q1 and collected in early Q2 —further strengthening our liquidity
position. We also secured a $25 million credit facility from our long-standing partner EBRD — a clear
vote of confidence in Aya's long -term growth trajectory. This added liquidity allows us to accelerate
development at Boumadine, while maintaining a strong balance sheet and funding future growth."
Q1-2025 Highlights
Table 1 - Q1-2025 Operational Highlights
Three-Month periods ended March 31
Operational Highlights 2025 2024 Variance
Ore Mined (tonnes) 194,661 106,880 82 %
Average Grade Mined (g/t Ag) 151 159 (5) %
Ore Processed (tonnes) 249,743 81,331 207 %
Average Grade Processed (g/t Ag) 163 173 (6) %
Combined Mill Recovery (%) 82.4 % 81.8 % 0.6 %
Milling Operations (tpd 2,775 894 210 %
Silver Ingots Produced (oz) 1,011,173 111,497 807 %
Silver in Concentrate Produced (oz) 57,479 254,865 (77) %
Total Silver Produced (oz) 1,068,652 366,362 192 %
Silver Ingots Sold (oz) 958,521 108,604 783 %
Silver in Concentrate Sold (oz) 103,044 129,662 (21) %
Total Silver Sales (oz) (A) 1,061,565 238,266 346 %
Avg. Net Realized Silver ($/oz) (B/A) 31.87 21.31 50 %
Cash Costs per Silver Ounce Soldii 18.93 20.31 (7) %
Table 2 - Q1-2025 Financial Highlights
Three-Month periods ended March 31
Financial Highlights 2025 2024 Variance
Revenues (B) 33,831 5,077 566 %
Cost of Sales 23,584 4,741 397 %
Gross Profit 10,247 336 2,950 %
Operating Income (Loss) 3,328 (2,869) 216 %
Net Income (Loss) 6,930 (2,592) 367 %
Operating Cash Flows 7,893 (3,736) 311 %
Shareholders
(Loss) Earnings per share – basic 0.05 (0.02) NM
(Loss) Earnings per share – diluted 0.05 (0.02) NM
March 31, December 31,
2025 2024 Variance
Working Capitaliii 1,752 23,424 (98) %
Cash 18,319 30,944 (41) %
Accounts Receivable 11,645 1,827 537 %
Restricted Cash 18,257 18,246 0.1 %
Operational Review
The first quarter 2025 was highlighted by the continuous ramp of the new mill, producing over one
million ounces of silver during the quarter.
Throughput and mill availability were at or above target. Milling throughput averaged 2,775 tonnes per
day with over 90% availability. Mill feed grade was at 163gpt and recovery was 82.4%, below the 89%
target established in the feasibility study. Lower re covery was caused by low dissolved oxygen in the
leaching tanks due to poor performance of the oxygen plant. The oxygen plant is currently being
repaired. It is expected that recovery will improve once the oxygen plant is repaired and producing at the
designed capacity.
The total mining rate for the quarter averaged 2,163 tpd, for a total of 194,661t of ore mined at a grade
of 151 g/t Ag. The mill feed included stockpiled, underground, and open pit ore. Production at both mines
is accelerating according to our ramp up pla n. Stockpiles levels were at 281,290t at the end of the
quarter. Mining rate will continue to increase during the year to reach 3,000tpd of ore, from both
underground and open pit mines, by the end of 2025.
More specifically, 133,848t of ore was mined during the quarter from the open pit at an average grade
of 155 g/t Ag. This included ore from transitional and oxide zones. The open -pit mine had a strip ratio
of 13 during Q1-2025, which was lower than planned, as ore zones were preferentially mined. The open-
pit mining rate was 20,891tpd of total material moved, compared with 15,360 tpd in Q4 -2024 as per
ramp up. In April 2025, additional mining equipment was added to the open-pit mining contractor's fleet,
increasing mining rate near 30,000 tpd of total material mined. With increasing mining capacity, the strip
ratio will increase to continue developing the open pit, ensuring sustainable future production. By year
end, the open -pit mining rate is planned to re ach over 40,000 tpd of total material moved, reaching
comfortably over 2,000tpd of ore from the open pit.
Exploration
Zgounder Near Mine and Regional
In Q1-2025, the Corporation drilled 2,916m of DDH on near -mine targets with the aim of defining at -
depth and lateral mineralization. Initial results from the at -depth program outlined significant down -
plunge extensions of the deposit with thick high-grade interceptions. Underground holes ZG-SF-24-203
and ZG -SF-24-259 intersected 911 g/t Ag over 10.0m and 1,082 g/t Ag over 8.5m, respectively,
confirming mineralization at depth at the granite contact outside of the current resource boundary. Two
underground rigs were mobilized with the aim of expanding mineral resources at depth.
In the quarter, drilling focused on targets west, near the major fault, and at depth towards the granite
contact. Infill drilling, underground and surface, on the high -grade mineralization at the main ore body
confirmed the mineralization and extended underground production zones.
In Q1-2025, a total of 1,059m of DDH were drilled on Zgounder Regional permits, part of the 10,000m
budgeted for the 2025 regional drill program. In addition, detailed mapping and prospecting are being
carried out on both Tourchkal and Zgounder Far East permits. Several high impact drill targets have been
identified on these permits.
Boumadine
During the quarter, the Corporation drilled 39,600m DDH and 6,607m RC at Boumadine confirming
continuity of the Boumadine deposit and extending the strike length of the Tizi Zone from 2.0 km to 2.2
km. New targets identified by the 2024 mapping and geophysical program were also drill tested. These
results are pending.
An update to the mineral resources, based on 2024 drilling at Boumadine, was released on February 24,
2025, consisting of an Inferred Mineral Resource of 29.2Mt at 82g/t Ag, 2.63 g/t Au, 2.11% Zn and 0.82%
Pb containing an estimated 76.8Moz of Ag, 2.4Moz o f Au, 615 kt of Zn and 237 kt of Pb, representing
378Moz AgEq, an increase of 19%, and an Indicated Mineral Resource of 5.2Mt at 91 g/t Ag, 2.78 g/t Au,
2.8% Zn and 0.85% Pb containing an estimated 15.1Moz of Ag, 449koz of Au, 145 kt of Zn and 44 kt of
Pb, representing 74.4Moz Silver equivalent (“AgEq”), an increase of 120%.
Table 3 - Boumadine Updated Mineral Resource Estimate (February 24, 2025)
Cutoff Tonnes Average Grade Contained Metal
Ag Au Cu Pb Zn AgEq AuEq Ag Au Cu Pb Zn AgEq AuEq
NSR
US$/t (kt) (g/t) (g/t) (%) (%) (%) (g/t) (g/t) (koz) (koz) (kt) (kt) (kt) (koz) (koz)
Pit-constrained
Indicated
95 3,920 94 2.99 0.13 0.84 2.95 476 5.3 11,881 343 5 33 116 60,051 667
Pit-constrained
Inferred
95 14,258 90 2.89 0.1 0.81 2.38 450 5 41,135 1,102 14 115 339 206,293 2,293
Out-of-pit
Indicated
125 1,249 80 2.11 0.08 0.87 2.32 358 3.98 3,216 106 1 11 29 14,382 160
Out-of-pit
Inferred
125 14,938 74 2.39 0.07 0.82 1.85 357 3.97 35,669 1,294 10 122 276 171,393 1,905
Total
Indicated
95/ 125 5,169 91 2.78 0.12 0.85 2.8 448 4.98 15,097 449 6 44 145 74,433 827
Total
Inferred
95/ 125 29,196 82 2.63 0.08 0.82 2.11 402 4.47 76,804 2,396 25 237 615 377,686 4,198
1. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The estimate of Mineral Resources may
be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. There is no
certainty that Mineral Resources will be converted to Mineral Reserves.
2. The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and
must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could be
upgraded to an Indicated Mineral Resource with continued exploration.
3. The Mineral Resources in this news release were estimated in accordance with the Canadian Institute of Mining, Metallurgy and
Petroleum (the “CIM”) Standards on Mineral Resources and Mineral Reserves Definitions (2014) and Best Practices Guidelines (2019)
prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council, as may be amended from time to time.
4. A silver price of US$24/oz with a process recovery of 89%, a gold price of US$2,200/oz with a process recovery of 85%, a zinc price of
US$1.20/lb with a process recovery of 72%, a lead price of US$1.00/lb with a process recovery of 85%, and a copper price of US$4.00/lb
with a process recovery of 75% were used in establishing the MRE.
5. AgEq = Ag(g/t) + (Au(g/t) *Au price/oz*Au recovery)/(Ag price/oz*Ag recovery) + Zn(%)*Zn price/lb* Zn recovery/(Ag price/oz*Ag
recovery)*685.7147973 + Pb(%)*Pb price/lb* Pb recovery/(Ag price/oz*Ag recovery)*685.7147973 + Cu(%)*Cu price/lb* Cu recovery/(Ag
price/oz*Ag recovery)*685.7147973
6. AuEq = Au(g/t) + (Ag(g/t) *Ag price/oz*Ag recovery)/(Au price/oz*Au recovery) + Zn(%)*Zn price/lb* Zn recovery/(Au price/oz*Au
recovery)*685.7147973 + Pb(%)*Pb price/lb* Pb recovery/(Au price/oz*Au recovery)*685.7147973 + Cu(%)*Cu price/lb* Cu recovery/(Au
price/oz*Au recovery)*685.7147973.
7. The constraining pit optimization parameters were US$3.5/t for mineralized material mining. US$2/t for waste mining US$89/t for
processing and US$6/t for G&A totalling US$95/t for a cut-off and 50-degree pit slopes.
8. The out-of-pit parameters used a US$30/t mining cost, US$89/t processing cost and US$6/t G&A totalling US$125/t for a cut-off The out-
of-pit Mineral Resource grade blocks were quantified above the US$125 NSR cut-off, below the constraining pit shell and within the
constraining mineralized wireframes. Out–of-pit Mineral Resources exhibit continuity and reasonable potential for extraction by the long
hole underground mining method.
9. Individual calculations in tables and totals may not sum due to rounding of original numbers.
10. Grade capping of 800 g/t Ag, 30 g/t Au, 28% Zn, 10% Pb and 1.4% Cu was applied to composites before grade estimation.
11. Bulk density was evaluated separately for each individual vein with values ranging from 3.20 to 4.00 t/m 3 determined from drill core
samples and used for the MRE. For oxidized and transitional material, a bulk density of 2.65 t/m3 was used.
12. 1.0 m composites were used during grade estimation.
In Q1 -2025, Aya continued to increase its Boumadine land holdings through the acquisition of four
mining licenses, extending its land package to 272km 2. In addition, the Corporation was granted a
600km2 authorization of exploration. Several high impact drill targets have been identified within these
licenses and to the south within the exploration authorization area.
Figure 1 - Boumadine Permits Overlaying the Apparent Conductivity Airborne Regional Survey
Q1-2025 Conference Call Details
Aya will release its Q1 -2025 earnings results on May 13, 2025 before market -open. Management will
host a conference call on the same day at 10 a.m. Eastern Time to discuss the Corporation’s operational
and financial results.
Webcast link: https:/ /edge.media-server.com/mmc/p/48g2kxgq
Instructions for obtaining conference call dial-in numbers:
1. Click on the following call link and complete the online registration form.
https:/ /register-conf.media-server.com/register/BI84408f0b334445fd8c5977ae41b1dd02
2. Upon registering you will receive the dial-in info and a unique PIN to join the call as well as an
email confirmation with the details.
3. Select a method for joining the call: a) Dial-In: A dial in number and unique PIN are displayed
to connect directly from your phone; or b) Call Me: Enter your phone number and click “Call
Me” for an immediate callback from the system. The call will come from a US number.
The live webcast will be archived and will be available for replay. Presentation slides that will accompany
the conference call will also be posted on Aya’s website.
Qualified Person
The scientific and technical information contained in this press release have been reviewed and
approved by David Lalonde, B. Sc, Vice-President of Exploration, and by Raphael Beaudoin, P . Eng, Vice-
President, Operations, both of whom are a “Qualified Person” as defined under National Instrument 43-
101 – Standards of Disclosure for Mineral Projects (“NI 43-101”).
About Aya Gold & Silver Inc.
Aya Gold & Silver Inc. is a rapidly growing, Canada-based silver producer with operations in the Kingdom
of Morocco.
The only TSX-listed pure silver mining company, Aya operates the high-grade Zgounder Silver Mine and
is exploring its properties along the prospective South -Atlas Fault, several of which have hosted past -
producing mines and historical resources.
Aya’s management team has been focused on maximizing shareholder value by anchoring sustainability
at the heart of its operations, governance, and financial growth plans.
For additional information, please visit Aya’s website at www.ayagoldsilver.com.
Or contact
Benoit La Salle, FCPA, MBA
President & CEO
Alex Ball
VP , Corporate Development & IR
Forward-Looking Statements
This press release contains certain statements that constitute forward -looking information within the
meaning of applicable securities laws (“forward -looking statements”), which reflects management’s
expectations regarding Aya’s future growth and business prospects (including the timing and
development of new deposits and the success of exploration activities) and other opportunities.
Wherever possible, words such as "plan", "improve", "expectation", "growing", "accelerate", “guidance”,
“ongoing”, “focus”, “optimize”, “expect”, “maximize”, “pursue”, “similar”, “potential”, “improve”,
“transition”, “objective”, “continue”, “target”, “prioritize”, and similar expressions or statements that
certain actions, events or results “may”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur
or be achieved, have been used to identify such forward -looking information. Specific forward-looking
statements in this press release include, but are not limited to, statements and information with respect
to (1) Aya reaching milling nameplate capacity in early 2025; (2) optimization of Zgounder’s operations
including improving recoveries as expected, repairing the oxygen plan in the expected timeline, and the
reparation of the oxygen plant to impact recovery and help bring recoveries to the expected feasibility
study levels, mining rates to increase as planned to reach over 40,000 tpd of total material moved; (3)
Aya to complete an updated Technical Report in 2025; (4) maximization of profitability; (5) growth
opportunities at both Zgounder and Boumadine; (6) Boumadine potential, namely statement to the
effect that Boumadine is to reveal its potential in 2025; (7) Zgounder plant mining capacity to process
ore at a steady rate of 3,000tpd in 2025; (8) mill recovery rate to reach the feasibility study recovery rate
of 89% in 2025; (9) mill optimization; (10) potential for discovery of satellite deposits to the Zgounder
Mine; (11) results from the geophysical and geochemical survey; (12) execution of the 2025 drilling
program; (13) growing Boumadine mineralized footprint including through the multiple potentially
parallel, on-trend conductive anomalies; (14) similarity to Boumadine of the multiple potentially parallel,
on-trend conductive anomalies; (15) drilling of the Boumadine anomalies in 2025; (16) Aya’s guidance,
namely the Corporation’s ability to attain 5.0 – 5.3 Moz Ag of annual production, a cash cost raging
between $15.00 – $17.50/oz, a recovery of 84% – 88%, an average grade processed of 170 – 200 g/t
Ag, and to deploy an exploration and development budget of 25 – 30 million dollars; (16) timing for ramp
up of the Zgounder plant and optimization of its mining capacity rationalizing costs; (17) foreign
exchange rate; (18) sales mix and product strategy, including only silver ingots to be produced and sold
starting in Q2-2025; (19) results of the sales mix shift, including improvement to overall realized price
for a given sales volume; (20) transition to a production strategy at Zgounder Mine to 1/3 underground
and 2/3 open pit; (21) impacts of the shift to 1/3 underground and 2/3 open pit at Zgounder Mine on